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Arable Farming
Arable Market Commentary
Volatile day for grains following US open - 05/07
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<blockquote data-quote="CRM AgriCommodities" data-source="post: 4006112" data-attributes="member: 29580"><p><strong><a href="http://crmagri.us12.list-manage.com/track/click?u=3ff340f3a7f8fae8fcb7979ba&id=3db92f2ffd&e=d4780de422" target="_blank">Subscribe to this report direct to your mailbox</a></strong></p><p><strong></strong></p><p><strong>Cereals</strong></p><p></p><ul> <li data-xf-list-type="ul">Grains were mixed through the morning before an explosive open to the US markets after the July 4th holiday, which saw US spring wheat trade up 50c$/bu before profit taking led to sharp declines [See Chart of the Day #1].</li> <li data-xf-list-type="ul">In the wake of the US wheat markets, Nov-17 UK LIFFE feed wheat touched a fresh contract high of £153/T before settling lower whilst Euronext wheat traded above 183€/T for the first time since November 2015 on the front month. </li> <li data-xf-list-type="ul">Corn prices followed a similar trend, albeit not so dramatic, but still the trade is starting to factor in damage to US corn as hot and dry conditions spread through midwest.</li> <li data-xf-list-type="ul">Profit taking was the main driver today rather than a change in the weather forecasts as funds sold long positions which were taken pre-weekend and early into the US open.</li> <li data-xf-list-type="ul">Farmer surveys continue to show a sharp deterioration in spring wheat crop conditions in the US.</li> <li data-xf-list-type="ul">US EPA are expected to keep the renewable fuel blending targets unchanged at around 19.24 billion gallons.</li> <li data-xf-list-type="ul">Egypt purchased 410KT of wheat of which 350KT Russian and 60KT Romanian at an average price of $200.43/T on a FOB basis vs $193.11/T on June 22nd.</li> </ul><p><a href="http://crmagri.us12.list-manage1.com/track/click?u=3ff340f3a7f8fae8fcb7979ba&id=f9e3e56925&e=d4780de422" target="_blank"><img src="https://gallery.mailchimp.com/3ff340f3a7f8fae8fcb7979ba/images/1d7f1157-4d57-4005-a734-b568c1244f4c.png" alt="" class="fr-fic fr-dii fr-draggable " style="" /></a></p><p><a href="http://crmagri.us12.list-manage.com/track/click?u=3ff340f3a7f8fae8fcb7979ba&id=1245e1cc5d&e=d4780de422" target="_blank"><img src="https://gallery.mailchimp.com/3ff340f3a7f8fae8fcb7979ba/images/48f7b8ae-ad57-4027-a35a-b26c1170ebb7.png" alt="" class="fr-fic fr-dii fr-draggable " style="" /></a></p><p><strong>Oilseeds</strong></p><p></p><ul> <li data-xf-list-type="ul">After testing the technical resistance of 372€/T, Aug-17 Euronext rapeseed closed nearly unchanged amid lower energy prices and the rapid progress of the EU harvest. </li> <li data-xf-list-type="ul">Crude oil prices drifted lower as it appeared that Russia are not going to be supportive of current production cuts.</li> <li data-xf-list-type="ul">A reduced palm production outlook has helped to firm prices and kept rapeseed prices supported along with soybeans.</li> <li data-xf-list-type="ul">Soybean prices have also been support today as weather risk continue to spread through the US.</li> </ul><p><strong>Chart of the Day #1: Dec-17 Minneapolis Wheat (hourly, c$/bu)</strong></p><p><a href="http://crmagri.us12.list-manage.com/track/click?u=3ff340f3a7f8fae8fcb7979ba&id=9ce93a0deb&e=d4780de422" target="_blank"><p style="text-align: center"><img src="https://gallery.mailchimp.com/3ff340f3a7f8fae8fcb7979ba/images/e0e57d31-5113-4be2-bfbc-0f327621358a.png" alt="" class="fr-fic fr-dii fr-draggable " style="" /></p><p></a><strong>Futures & Options prices</strong></p><p><a href="http://crmagri.us12.list-manage.com/track/click?u=3ff340f3a7f8fae8fcb7979ba&id=4158580e5a&e=d4780de422" target="_blank"><p style="text-align: center"><img src="https://gallery.mailchimp.com/3ff340f3a7f8fae8fcb7979ba/images/d45c24db-bf71-4aa6-ae0c-d8a68a52bf7b.png" alt="" class="fr-fic fr-dii fr-draggable " style="" /></p><p></a></p></blockquote><p></p>
[QUOTE="CRM AgriCommodities, post: 4006112, member: 29580"] [B][URL='http://crmagri.us12.list-manage.com/track/click?u=3ff340f3a7f8fae8fcb7979ba&id=3db92f2ffd&e=d4780de422']Subscribe to this report direct to your mailbox[/URL] Cereals[/B] [LIST] [*]Grains were mixed through the morning before an explosive open to the US markets after the July 4th holiday, which saw US spring wheat trade up 50c$/bu before profit taking led to sharp declines [See Chart of the Day #1]. [*]In the wake of the US wheat markets, Nov-17 UK LIFFE feed wheat touched a fresh contract high of £153/T before settling lower whilst Euronext wheat traded above 183€/T for the first time since November 2015 on the front month. [*]Corn prices followed a similar trend, albeit not so dramatic, but still the trade is starting to factor in damage to US corn as hot and dry conditions spread through midwest. [*]Profit taking was the main driver today rather than a change in the weather forecasts as funds sold long positions which were taken pre-weekend and early into the US open. [*]Farmer surveys continue to show a sharp deterioration in spring wheat crop conditions in the US. [*]US EPA are expected to keep the renewable fuel blending targets unchanged at around 19.24 billion gallons. [*]Egypt purchased 410KT of wheat of which 350KT Russian and 60KT Romanian at an average price of $200.43/T on a FOB basis vs $193.11/T on June 22nd. [/LIST] [URL='http://crmagri.us12.list-manage1.com/track/click?u=3ff340f3a7f8fae8fcb7979ba&id=f9e3e56925&e=d4780de422'][IMG]https://gallery.mailchimp.com/3ff340f3a7f8fae8fcb7979ba/images/1d7f1157-4d57-4005-a734-b568c1244f4c.png[/IMG][/URL] [URL='http://crmagri.us12.list-manage.com/track/click?u=3ff340f3a7f8fae8fcb7979ba&id=1245e1cc5d&e=d4780de422'][IMG]https://gallery.mailchimp.com/3ff340f3a7f8fae8fcb7979ba/images/48f7b8ae-ad57-4027-a35a-b26c1170ebb7.png[/IMG][/URL] [B]Oilseeds[/B] [LIST] [*]After testing the technical resistance of 372€/T, Aug-17 Euronext rapeseed closed nearly unchanged amid lower energy prices and the rapid progress of the EU harvest. [*]Crude oil prices drifted lower as it appeared that Russia are not going to be supportive of current production cuts. [*]A reduced palm production outlook has helped to firm prices and kept rapeseed prices supported along with soybeans. [*]Soybean prices have also been support today as weather risk continue to spread through the US. [/LIST] [B]Chart of the Day #1: Dec-17 Minneapolis Wheat (hourly, c$/bu)[/B] [URL='http://crmagri.us12.list-manage.com/track/click?u=3ff340f3a7f8fae8fcb7979ba&id=9ce93a0deb&e=d4780de422'][CENTER][IMG]https://gallery.mailchimp.com/3ff340f3a7f8fae8fcb7979ba/images/e0e57d31-5113-4be2-bfbc-0f327621358a.png[/IMG][/CENTER][/URL] [B]Futures & Options prices[/B] [URL='http://crmagri.us12.list-manage.com/track/click?u=3ff340f3a7f8fae8fcb7979ba&id=4158580e5a&e=d4780de422'][CENTER][IMG]https://gallery.mailchimp.com/3ff340f3a7f8fae8fcb7979ba/images/d45c24db-bf71-4aa6-ae0c-d8a68a52bf7b.png[/IMG][/CENTER][/URL] [/QUOTE]
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Volatile day for grains following US open - 05/07
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